Park-Ohio extends consent deadline, tender expiration for 8 3/8% notes

By Susanna Moon

Chicago, March 31 - Park-Ohio Industries, Inc. said it extended both the consent deadline and the cash tender offer expiration for its $183.8 million of 8 3/8% senior subordinated notes due 2014 to midnight ET on April 6.

The consent deadline was previously extended to midnight ET on April 4 from 5 p.m. ET on March 21 to coincide with the offer expiration. The offer began on March 8.

As already reported, Park-Ohio is soliciting consents to amend the notes to eliminate substantially all restrictive covenants and some events of default and shorten the minimum period required to deliver notice of redemption to holders.

Holders may not tender their notes without consenting to the proposed amendments, and holders who deliver their consents will be required to tender their notes.

The total payment is $1,030.42 for each $1,000 principal amount of notes, which includes a $30.00 consent premium.

Park-Ohio said it will also pay accrued interest to but excluding the settlement date.

The tender offer is conditioned upon the completion of a new long-term debt issuance.

Barclays Capital Inc. (800 438-3242 or 212 528-7581) and J.P. Morgan Securities LLC (800 245-8812 or 212 270-3994) are the dealer managers for the tender offer. Global Bondholder Services Corp. (212 430-3774 or 866 470-4500) is the information agent.

Park-Ohio Industries is a Cleveland-based provider of supply chain logistics services.

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